Thursday, February 9, 2023
HomeMarketHennessy chief investment officer remains overweight on energy

Hennessy chief investment officer remains overweight on energy

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Hennessy Funds Chief Investment Officer Ryan Kelly said the money manager remains overweight on traditional oil and gas companies in its mutual funds, including the Hennessy Energy Transition Fund
HNRGX,
+1.51%,
as a bet for more positive returns in 2023. Top holdings in the fund include EOG Resources Inc.
EOG,
+0.81%,
Antero Resources Corp.
AR,
-1.16%
and Schlumberger Ltd.
SLB,
+0.31%.
Even if oil prices stabilize, the energy companies are expected to continue to throw out ample cash, Ryan said at a press event on Wednesday. Hennessy Cornerstone Mid Cap 30 Fund
HFMDX,
+0.38%
and Hennessy Cornerstone Growth Fund
HFCGX,
+1.47%
also contain exposure to the energy sector, he said. Looking toward 2023, Kelly said the fund manager continues to keep a close watch on inflation and interest rates, with Fed interest rate hikes expected to pause in the second half of the year. Consumer spending remains healthy as a bright spot in the economy currently, Ryan said.

Credit: marketwatch.com

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